Veris Residential (NYSE:VRE) Sets New 1-Year High at $18.11

Shares of Veris Residential, Inc. (NYSE:VRE) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $18.11 and last traded at $18.00, with a volume of 18751 shares trading hands. The stock had previously closed at $17.99.

Analyst Ratings Changes

A number of analysts have commented on VRE shares. Truist Financial decreased their price objective on Veris Residential from $15.00 to $14.00 and set a “hold” rating for the company in a report on Monday, June 24th. Evercore ISI increased their target price on shares of Veris Residential from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Veris Residential from $11.00 to $13.00 and gave the stock an “underweight” rating in a report on Monday, June 17th.

Veris Residential Price Performance

The stock has a market cap of $1.66 billion, a P/E ratio of -17.99, a P/E/G ratio of 6.67 and a beta of 1.25. The business has a 50 day simple moving average of $16.33 and a 200-day simple moving average of $15.39. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.84 and a current ratio of 0.84.

Veris Residential (NYSE:VRE) last released its earnings results on Wednesday, July 24th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.11). Veris Residential had a negative net margin of 21.79% and a negative return on equity of 8.55%. The company had revenue of $67.48 million during the quarter, compared to analysts’ expectations of $67.73 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. On average, sell-side analysts forecast that Veris Residential, Inc. will post 0.54 EPS for the current year.

Veris Residential Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 16th. Investors of record on Monday, September 30th will be issued a $0.07 dividend. The ex-dividend date is Monday, September 30th. This is an increase from Veris Residential’s previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 1.56%. Veris Residential’s dividend payout ratio (DPR) is -28.00%.

Insider Buying and Selling at Veris Residential

In related news, CEO Mahbod Nia purchased 35,000 shares of Veris Residential stock in a transaction dated Thursday, June 20th. The stock was bought at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the completion of the transaction, the chief executive officer now owns 380,869 shares in the company, valued at $5,454,044.08. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Nori Gerardo Lietz purchased 10,000 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was purchased at an average cost of $14.31 per share, with a total value of $143,100.00. Following the acquisition, the director now directly owns 39,687 shares in the company, valued at $567,920.97. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mahbod Nia purchased 35,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was purchased at an average cost of $14.32 per share, for a total transaction of $501,200.00. Following the acquisition, the chief executive officer now owns 380,869 shares of the company’s stock, valued at approximately $5,454,044.08. The disclosure for this purchase can be found here. Insiders own 15.00% of the company’s stock.

Institutional Investors Weigh In On Veris Residential

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Veris Residential by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 12,439,064 shares of the company’s stock valued at $189,198,000 after purchasing an additional 88,634 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Veris Residential by 1.2% in the second quarter. Victory Capital Management Inc. now owns 1,194,049 shares of the company’s stock valued at $17,911,000 after acquiring an additional 13,943 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Veris Residential by 6.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,147,843 shares of the company’s stock valued at $17,217,000 after purchasing an additional 65,180 shares during the period. DigitalBridge Group Inc. bought a new position in Veris Residential in the 2nd quarter worth $13,673,000. Finally, Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Veris Residential by 115.3% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 764,760 shares of the company’s stock worth $12,030,000 after purchasing an additional 409,631 shares during the period. Institutional investors own 93.04% of the company’s stock.

Veris Residential Company Profile

Veris Residential, Inc is a forward-thinking, environmentally and socially conscious real estate investment trust (REIT) that primarily owns, operates, acquires and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today's residents while seeking to positively impact the communities it serves and the planet at large.